New Delhi: The Income Tax Department today imposed a penalty of Rs 84 crore on the country's largest insurance company 

Jeevan Bima Nigam (LIC). The Income Tax Department has demanded a penalty of Rs 84 crore from LIC for three assessment 

years. LIC has now decided to file an appeal in the court against this fine of the Income Tax Department.
LIC said in a regulatory filing today that the Income Tax department has imposed a penalty of Rs 12.61 crore for assessment year 

2012-13, Rs 33.82 crore for assessment year 2018-19, while Rs 37.58 crore for assessment year 2019-20.
Why was the penalty imposed?
LIC said that a penalty has been imposed for violating the clauses. LIC said that the penalty has been imposed under Section 271

(1)(c) and 270A of the Income Tax Act, 1961. Let us tell you that LIC received this notice from the Income Tax Department on 

September 29.
LIC is known as India's largest state-owned life insurance and investment corporation. It was started in 1956 with an initial 

capital of Rs 5 crore and now as on March 31, 2023, LIC has an asset base of Rs 45.50 lakh crore with a life fund of Rs 40.81 

lakh crore.
The functions of LIC are to collect savings of people in exchange for insurance policies and to encourage savings in the country, 

to protect people's capital by investing in government securities, to issue insurance policies at affordable rates, to lend to 

industries at reasonable interest rates. to give , including providing loans for various national projects.